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Credit Bank of Moscow VP on Corporate Lending, Sanctions and De-Dollarisation

Eric de Beauchamp, Senior Vice President at Credit Bank of Moscow, admits fear of additional sanctions – more so than existing measures – is weighing on the minds of investors when it comes to Russia. But shrewd management and strong communications allowed CBOM to avoid the fate of numerous large lenders that fell victim of the Central Bank’s cleanup of the sector in 2017, becoming one of the…

19 Dec 2018

CASE STUDY: RusHydro Prints Debut CHY1.5bn Dim Sum Tranche in a Tough Market

RusHydro issued the first Russian corporate Renminbi denominated Eurobond via a dual-currency dual tranche deal against the backdrop of a fairly subdued Russian debt capital market, following up on a three-year RUB20mn 7.4% issuance last February.

19 Dec 2018

Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead

Global growth concerns are likely to keep EM on its back foot. China and the eurozone reported weak economic data Friday, and even a much stronger than expected US retail sales report was not enough to turn market sentiment.

17 Dec 2018

Russian Exporters Revive Prepayment Financing Schemes as New Sanctions Loom

The long-forgotten instrument is back in the market as commodity exporters are stuck between sanctions-related forced “de-dollarisation” of the Russian economy and their internal requirements for hard-currency funding.

14 Dec 2018

Quick Take: Burcu Geris, Vice President and CFO, TAV Airports on the Markets, Treasury Objectives

Bonds & Loans speaks with Burcu Geris, Vice President and CFO, TAV Airports Holding about the company’s funding objectives and how markets are influencing the company’s approach to fundraising.

22 Nov 2018

Investor: Turkey Has One of Lowest Debt/GDP Ratio’s in EM, but Inflation Still a Worry

Tevfik Eraslan, the CEO of İş Asset Management, a privately-owned investment manager based in Turkey (which also provides investment advisory services), discusses Q3 prospects for the Turkish economy, inflationary pressures and a diminishing political risk after next year’s elections.

25 Oct 2018

Russia SWOT Analysis: Sanctions, De-dollarisation, and Prepayment Finance

A closer look at the major strengths, weaknesses, opportunities and threats influencing the investment and debt capital markets climate in Russia.

23 Oct 2018

Off the Record: South Africa’s Benign Funding Environment a Boon for Some, Challenge for Others

With the October mini budget speech looming, South Africa’s economy and funding environment come sharply into focus; both remain in a precarious state. Analysts, investors, CFOs and Treasurers who spoke with Bonds & Loans on a recent research trip to the region emphasise that the way in which the macro environment evolves, and the way in which the government tackles key issues like land reform,…

28 Sep 2018

Off the Record: Banks in Russia – Shaken, not Stirred

The recent perturbations across EM assets, the looming shadow of current and potential new sanctions and subdued growth at home have taken a toll on the Russian financial sector. But prudent fiscal and monetary policies and timely actions to minimize sanctions impact have helped shelter banks operating in Russia and the CIS from serious damage, DCM bankers and corporate chiefs have told Bonds &…

27 Sep 2018

How Serbia Improved its Fiscal Position and Catalysed the Local Capital Markets

Branko Drcelic, Director of the Public Debt Administration at the Ministry of Finance, Serbia sat down with Bonds & Loans to discuss how the country moved from chronic deficits to a healthy surplus, catalysing a local currency debt capital market in the process.

28 Aug 2018

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